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Time-to-build and cycles

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Author Info

  • Asea, Patrick K.
  • Zak, Paul J.

Abstract

We analyze the dynamics of a simple growth model in which production occurs with a delay while new capital is installed (time-to-build). The time-to-build technology is shown to yield a system of functional (delay) differential equations with a unique steady state. We demonstrate that the steady state, though typically a saddle, may exhibit Hopf cycles on a measurable set of the parameter space. Furthermore, the optimal path to the steady state is oscillatory. A counter-example to the claim that intrinsically oscillatory on the central technical apparatus the mathematics of functional differential equations.

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File URL: http://www.sciencedirect.com/science/article/B6V85-3X6B5WV-4/2/976e46ce54f1857572bfdb653cbeb65f
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Bibliographic Info

Article provided by Elsevier in its journal Journal of Economic Dynamics and Control.

Volume (Year): 23 (1999)
Issue (Month): 8 (August)
Pages: 1155-1175

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Handle: RePEc:eee:dyncon:v:23:y:1999:i:8:p:1155-1175

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Web page: http://www.elsevier.com/locate/jedc

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  1. Ioannides, Yannis M. & Taub, Bart, 1992. "On dynamics with time-to-build investment technology and non-time-separable leisure," Journal of Economic Dynamics and Control, Elsevier, vol. 16(2), pages 225-241, April.
  2. Nishimura Kazuo & Sorger Gerhard, 1996. "Optimal Cycles and Chaos: A Survey," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 1(1), pages 1-20, April.
  3. Reichlin Pietro, 1997. "Endogenous Cycles in Competitive Models: An Overview," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 1(4), pages 1-13, January.
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